Looking at the hourly chart we can see that at today’s low, the hourly RSI-14 and MACD recorded levels that coincided or are close to significant market bottoms since the all-important 2011 low. Although + div on these indicators is preferred to more confidently signal a bottom is in, the past 3+ years tell us, it is not a necessary requirement. Note that today the hourly MACD recorded the 2nd lowest reading, just 4 points shy of the lowest reading in October since the 2011 low. In yesterday’s update I mentioned that a around 76.4% retrace would still be acceptable to allow for the minor 1, 2 wave count to prevail, and so far the SPX did stall around that % retrace today. Hence, we’ll keep that count as the preferred count until proven otherwise. A bounce from here with marginal lower lows after that is still OK for this count, and would likely set up some nice + div on the aforementioned TIs to signal a very important bottom. However, a break below SPX 1976 after that bounce means the alternate count of an extending intermediate ii wave is then the preferred count. Regardless, you have to ask yourself the question: “what’s on your shopping list” for when wave 3 of 3 is upon us!